Friday, July 2, 2010

Ngiu Kee tumbles on unit's failed debt repayment

KUALA LUMPUR: Ngiu Kee Corp Bhd's shares fell in early trade on Friday, July 2 after its unit failed to pay RM13.95 million due on June 30.

At 9.43am, it was down four sen to 7.5 sen with 1.32 million shares done.

Ngui Kee announced to Bursa Malaysia on Thursday that its unit Ngiu Kee Sdn Bhd failed to meet the payment of RM13.95 million due and payable on June 30 to Bank Islam Malaysia Bhd.

Itsaid that it did not have sufficient funds to meet the payment due amounting to RM13.95 million as at July 1.

"Prior to the default in payment, the company has been in regular negotiations with the financial institution to reschedule the loan. The company will continue to engage the financial institution for their consideration to agree to our proposal," it said.




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